Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system:Accounts PayableMerchandise InventorySalesAccounts ReceivablePurchasesSales DiscountsCashPurchase DiscountsSales Returns and AllowancesCost of Goods SoldPurchase Returns and AllowancesSales Tax PayablePLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.DR CR DR CR Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost.DR CR DR CR Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.DR CR Aug. 18: Customer paid their account in full with cash.DR DR or CR? CR Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the **perpetual inventory system**:| Accounts Payable | Merchandise Inventory | Sales ||------------------|------------------------|-------|| Accounts Receivable | Purchases | Sales Discounts || Cash | Purchase Discounts | Sales Returns and Allowances || Cost of Goods Sold | Purchase Returns and Allowances | Sales Tax Payable |**PLEASE NOTE:** You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).- **Aug. 3:** Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.**Journal Entry:**- **DR** | Merchandise Inventory | $7,500- **CR** | Accounts Payable | $7,500---(Additional space for further entries is provided, including initial debits and credits for augmenting these entries.)

Name: Using the accounts listed below, record journal entries for the follow
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Description: Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system:Accounts PayableMerchandise InventorySalesAccounts ReceivablePurchasesSales DiscountsCashPurchase

Journal entry is the process of documenting commercial transactions for the first time in the books of accounts. Journal entries form the basis for other accounting tasks such as ledger account preparation, trial balances, financial statements, and so on. The initial recording of all monetary business transactions in a systematic way is known as journal entries. They are listed in chronological sequence according to when the incident occurred. Adjusting entries, closing entries, and normal entries are all examples of diary entries.Journal Entries: Aug. 3: DR Accounts Receivable (15 x 500) 7,500 CR Sales 7,500 DR Cost of goods sold (15 x 150) $2,250 CR Merchandise Inventory $2,250 Aug. 8: DR Sales Returns and Allowances 1,000 CR Accounts Receivable (2 x 500) 1,000 DR Merchandise Inventory $300 CR Cost of goods sold (2 x 150) $300 Aug 15: DR Sales Returns and Allowances $1,000 CR Cash $1,000 Aug 18: DR Cash $6,370 DR Sales Discounts [$6500 × 2%] $130 CR Accounts Receivable [$7500 - $1000] $6,500

Answered: Using the accounts listed below, record…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system:

Accounts Payable	Merchandise Inventory	Sales
Accounts Receivable	Purchases	Sales Discounts
Cash	Purchase Discounts	Sales Returns and Allowances
Cost of Goods Sold	Purchase Returns and Allowances	Sales Tax Payable

PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).

Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.

DR

CR
DR

CR
Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost.

DR

CR
DR

CR
Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.

DR

CR
Aug. 18: Customer paid their account in full with cash.

DR

DR or CR?

CR

Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the **perpetual inventory system**:

| Accounts Payable | Merchandise Inventory | Sales |
|------------------|------------------------|-------|
| Accounts Receivable | Purchases | Sales Discounts |
| Cash | Purchase Discounts | Sales Returns and Allowances |
| Cost of Goods Sold | Purchase Returns and Allowances | Sales Tax Payable |

**PLEASE NOTE:** You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).

- **Aug. 3:** Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.

**Journal Entry:**

- **DR** | Merchandise Inventory | $7,500
- **CR** | Accounts Payable | $7,500

---

(Additional space for further entries is provided, including initial debits and credits for augmenting these entries.)

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